KUALA LUMPUR: Small and medium enterprises (SMEs) will now be able to utilise the country’s first financing reference platform, the imSME, which has the capabilities to shorten the timespan of documentation processing.

Credit Guarantee Corporation Malaysia Bhd (CGC), the entity behind imSME, expects some 2,000 SMEs will be able to directly benefit from the platform by the end of the year.

Second Finance Minister Datuk Seri Johari Abdul Ghani said the creation of the platform is a victory to the SMEs ecosystem whereby respective SMEs will be able to choose the various products offered by participating banks and enjoy financing help that is parallel to its own capabilities.

“This platform will surely be able to shorten the duration of documentations processing, as opposed to the conventional way that involves SMEs going to different bank to apply for financing,” he said at the launch of the platform here today.

Second Finance Minister Datuk Seri Johari Abdul Ghani said the creation of the platform is a victory to the SMEs ecosystem whereby respective SMEs will be able to choose the various products offered by participating banks and enjoy financing help that is parallel to its own capabilities. Pic by NSTP/SADDAM YUSOFF

“The imSME is targeting all levels of SMEs who are facing challenges in getting financing, and through this platform, they can now find the best financing products for them online as quickly and as painless as possible.”

A total of 321 applications has been received since imSME pre-launch back in November 2017, and out of that, 64 SMEs successfully picked a compatible product.

Five of the SMEs have already gained financing approval amounting to RM50,000.

CGC president and chief executive officer, Datuk Mohd Zamree Mohd Ishak, said the imSME platform will be able to narrow the gap between SMEs and financial institutions (FI).

“We want to change the SMEs financing landscape in Malaysia so that it can compete on the global stage,” he said.

“This opportunity is not only open to the SMEs, but to also young upcoming entrepreneurs who want to connect their business with the ideal financing programs for their respective endeavours.”